A retiring owner can create a solid plan for transferring farm ownership to the next generation while ensuring its continued success by systematically addressing these questions and involving relevant experts and family members. Healthy conversations about ownership, management, finance, roles, plans, goals, values, and vision should be discussed with your family, including both interested and uninterested children, to explore ways they can determine their level of interest in helping the business.
In most cases, many farm businesses avoid farm transitioning because there are no clear goals or communication for the young farmers to carry on the daunting task. Others do not even know how to start or who to consult for guidance.
Some farmers trying to set up or have set up a farm transition plan need to recognize their in-laws in the process, remembering that they have a role to play in the farming business. Everyone in the family has a role to play, whether they work on the farm or not. The most important thing is for the person to show interest in the business and its success.
In summary, farm transitioning is a complex transaction that involves tax planning, estate planning, and relationship management. When it comes to planning, everyone involved in the transactions looks at different options and makes informed decisions.The process requires careful consideration and discussion.Without thoughtful planning, your farm, land, and family’s future may be at risk.
At Sunrise, we can work with you, your family, stakeholders, and/orsuccessor to ensure a smooth transition.
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